April has been Credit Card Question and Answer month here at Financial Elite. We continue with Part 9 with information provided from an article from SmartMoney about the little known rules that are costing you money and putting your credit, your identity and your family at risk.
A credit card with great incentives, a low interest rate and just the right mix of perks and fees that are the just the right fit for you might be what you think you have, but looks can be deceiving. The credit card company can change the terms of your Utopia credit card agreement at any time.
Consumer groups report this is a sore spot with credit cardholders, and with good cause. many lenders and credit card companies defend this practice saying things like, "A credit purchase is an unsecured loan. It's the riskiest sort of lending we do, which is why it's expensive. The banks are protecting themselves."
Unhappy credit cardholders will almost always seek alternatives and credit card lending is a highly competitive market.
How do you protect yourself from having the wool pulled over your eyes? Be vigilant and pay attention to all the mail you get from your credit card company. even if it looks like junk mail.
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